Welcome Guest [Log In] [Register]
Welcome to The New Coffee Room. We hope you enjoy your visit.


You're currently viewing our forum as a guest. This means you are limited to certain areas of the board and there are some features you can't use. If you join our community, you'll be able to access member-only sections, and use many member-only features such as customizing your profile, sending personal messages, and voting in polls. Registration is simple, fast, and completely free.


Join our community!


If you're already a member please log in to your account to access all of our features:

Username:   Password:
Add Reply
Horrible at filling out forms..
Topic Started: Mar 18 2018, 12:16 PM (88 Views)
xenon
Member Avatar
Senior Carp
https://apnews.com/amp/002703e70347481cb993027d04f543cc?__twitter_impression=true

Quote:
 
AP Exclusive: Kushner Cos. filed false NYC housing paperwork

By BERNARD CONDON

Today

NEW YORK (AP) — When the Kushner Cos. bought three apartment buildings in a gentrifying neighborhood of Queens in 2015, most of the tenants were protected by special rules that prevent developers from pushing them out, raising rents and turning a tidy profit.

But that's exactly what the company then run by Jared Kushner did, and with remarkable speed. Two years later, it sold all three buildings for $60 million, nearly 50 percent more than it paid.
Offline Profile Quote Post Goto Top
 
jon-nyc
Member Avatar
Cheers
More power to him. Rent control is foul and hurts the very type of person it's meant to help.
In my defense, I was left unsupervised.
Online Profile Quote Post Goto Top
 
xenon
Member Avatar
Senior Carp
I live (rent :(blue:( )in SF and am all too familiar with how insane of a policy rent control is. That said - not sure how I feel about vigilantism to combat it.
Edited by xenon, Mar 18 2018, 12:30 PM.
Offline Profile Quote Post Goto Top
 
Riley
Member Avatar
HOLY CARP!!!
jon-nyc
Mar 18 2018, 12:23 PM
More power to him. Rent control is foul and hurts the very type of person it's meant to help.
Why?
Online Profile Quote Post Goto Top
 
jon-nyc
Member Avatar
Cheers
@Riley: It reduces supply over time.

@Xenon: Yeah, I'm not really arguing that its fine to break the law because I disagree with it. I mean, it seems like I was. But I don't really think that way.
In my defense, I was left unsupervised.
Online Profile Quote Post Goto Top
 
Aqua Letifer
Member Avatar
ZOOOOOM!
jon-nyc
Mar 18 2018, 12:37 PM
@Riley: It reduces supply over time.
Mind expanding on that a little? I’m curious.
I cite irreconcilable differences.
Online Profile Quote Post Goto Top
 
Jolly
Member Avatar
Geaux Tigers!
Aqua Letifer
Mar 18 2018, 12:39 PM
jon-nyc
Mar 18 2018, 12:37 PM
@Riley: It reduces supply over time.
Mind expanding on that a little? I’m curious.
I assume it discourages investment in any new properties.
The main obstacle to a stable and just world order is the United States.- George Soros
Online Profile Quote Post Goto Top
 
jon-nyc
Member Avatar
Cheers
Sure, it decreases the incentive to build new apartments, except in the luxury segment where the laws don't apply. Zoning laws tend to have the same effect. (getting through zoning and permitting processes tend to add fixed costs to new housing projects - which are felt more on a per-unit basis at the low end)


There's really only one way to reduce housing prices. Increase supply. Artificially reducing some rents actually increases demand while decreasing supply (at the margin, of course)

In my defense, I was left unsupervised.
Online Profile Quote Post Goto Top
 
xenon
Member Avatar
Senior Carp
Having done two rounds of apartment hunting in SF - I can 100% corroborate Jon’s explanation with my own anecdotal experience.

Also - old stock is neglected because what are you gonna do, move out? Good luck!

The market also gets weirdly distorted. Raised a family in a 3bd and now they left for college? Well you’ve been there for 15 years and your rent is 1/3 that of a one bd on the market now. Looks like you’re staying put and keeping that supply off the market even though you dont need he space anymore .
Edited by xenon, Mar 18 2018, 12:52 PM.
Offline Profile Quote Post Goto Top
 
jon-nyc
Member Avatar
Cheers
It's well intentioned, politically popular, and short sighted.


Most populist proposals suffer that same fate.
In my defense, I was left unsupervised.
Online Profile Quote Post Goto Top
 
« Previous Topic · The New Coffee Room · Next Topic »
Add Reply